Explanatory Note to CVM Instruction 60

EXPLANATORY NOTE TO CVM INSTRUCTION NO. 60/87.
Ref.: CVM Instruction No. 60, of January 14, 1987, which provides for the registration of open capital companies.

In view of the need to consolidate CVM Instructions No. 32/84, No. 39/84, and No. 41/85 and to introduce minor changes with the objective of promoting the improvement of the Guidance Manual for the Registration of Open Capital Companies, the CVM issued Instruction No. 60.

With the modifications made, the CVM will be enabled to computerize the archiving and dissemination of data for use by the market.
The importance given to the wide dissemination of information, in order to equip the market with the necessary preconditions for efficiency, coupled with the implementation of the project for dissemination via computer terminal, led us to adopt such changes without the use of a public hearing. The internationalization of the capital market that is observed in the main financial centers will certainly lead us to improve the system of Registration of Open Capital Companies, adapting to the accumulated experience of other countries and to the needs of our market. Also, the separation of the type of information to be provided by companies issuing debentures, emphasizing the data related to this risk modality, should be part of future regulations.

Signed original by
LUIS OCTÁVIO DA MOTTA VEIGA
President